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  • California Foreclosures Rise by 19% - Bank of America Corp. (NYSE:BAC) Started Foreclosures Again

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    Wednesday Oct. 27, 2010 at 08:03 am EST
     
    Foreclosures Rise 19% in California 
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    Fresh data shows that the number of California homes entering foreclosure jumped nearly 19% in the third quarter from the previous quarter, the first time the Golden State has logged an increase in the key measure since hitting a peak early last year. The numbers do not reflect the slowdown in repossessions after revelations that many lenders used faulty paperwork to conduct foreclosures in states where courts have jurisdiction over the process. Bank of America Corp. is the only major lender to have formally declared a freeze in foreclosure sales in California, where the vast majority of repossessions are conducted outside of the court system.


    Shares of Bank of America Corp. (NYSE:BAC) closed at $11.3 on Tuesday at just below support level of $11.25. There is no significant support below. Resistance levels above are $11.96, $12.45, $13.3, $13.69, $14.11, $15.2, $15.83 and $16.29.
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